A new loan from Just Credit Union aims to help households spread the cost of heating oil deliveries while saving towards their next order.
What’s new: Just Credit Union has launched a Heating Oil Saver Loan, combining borrowing for a delivery with a savings account.
Why it matters: The co-operative says higher heating oil prices and minimum delivery requirements could leave rural households struggling to cover the upfront cost.
Worth knowing: Its service area includes Stafford, Newcastle Under Lyme, South Staffordshire and Stoke-on-Trent.
The Midlands savings and loans co-operative Just Credit Union today announced the launch of a Heating Oil Saver Loan.
Steve Barras, Development Manager at Just Credit Union, said:
“Large parts of the area we serve are rural where the proportion of households dependent on heating oil is high.
“With the significant increases in the price per litre and the minimum delivery requirement, we recognise that many households may struggle this year.
“We are therefore launching a loan which can not only help spread the cost of a delivery, but help save for the next one.”
He said that most oil suppliers require a minimum order of 500 litres and with an increase in costs per litre up from around 70p to £1.10 households now need to find £550 rather than £350 for a delivery.
Steve added “We are encouraging people to work out a repayment and period that enables the loan to be repaid before the next delivery is due and we have provided a loan calculator on our website to assist with this.
“Each loan will come with a savings account and we hope that once we are through this winter people will continue to pay into their savings over the milder months.
“This means that they have a pot to help cover fuel costs in the winter 2027/8.”
People can apply on line and find out more at https://justcreditunion.org/heating-oil-saver-loan/
Just Credit Union serves Shropshire, Telford & Wrekin, Herefordshire, Wyre Forest, Malvern Hills, Worcester, Stafford, Newcastle Under Lyme, South Staffordshire and Stoke-on-Trent.
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